Bank of America CEO got sixfold raise in 2011

A Bank of America branch.

March 29, 2012 12:00:00 AM PDT

NEW YORK --

Bank of America's CEO made $7.5 million last year, six times what he made in 2010.

The bank says Brian Moynihan's pay package for 2011 included a salary of $950,000, $6.1 million in stock, and about $420,000 worth of use of company aircraft and tax and financial advice. In 2010, his pay package totaled $1.2 million.

The company made the information public in a regulatory filing on Wednesday. Moynihan, 52, took over as CEO in 2010. The board said the stock award to Moynihan was justified because the bank turned a profit after losing money in 2010, and because it ended the year with a stronger balance sheet.

Bank of America's stock lost more than half its value in 2011. It also lost the title of No. 1 bank by assets to JPMorgan Chase. Bank of America posted earnings of $1.4 billion in 2011 and raised $34 billion by selling assets that it did not consider central to its business.